Aegis Logistics to Acquire Tristar Holdings for $809 Million
Aegis Logistics Limited has agreed to acquire a majority stake in Dubai-based Tristar Holdings to transform into an international energy logistics platform.
The board of directors of Aegis Logistics Limited approved a definitive agreement on October 13, 2026, to acquire an 89.8 percent stake in Dubai-based Tristar Holdings Limited for $809 million. The transaction, executed through the subsidiary Aegis Logistics International Pte Ltd, involves purchasing shares from Agility Tristar Holdings Limited, Gulf Investment Corporation, and Diamond Holdings Limited. The deal values Tristar at an enterprise value of $1.5 billion, based on a multiple of approximately 6.0x on 2025 EBITDA.
Tristar is an integrated liquid logistics provider operating in over 30 countries with a fleet of vessels, trucks, and fuel farms. For the fiscal year ending December 31, 2025, the company reported $1.4 billion in revenue. Aegis Logistics intends to use the acquisition to shift from a domestically focused Indian operator into an international energy logistics platform with expanded global reach.
Agility Global PLC, which originally invested $7 million in Tristar in 2003 and added $123 million in capital over the following seven years, will exit its position. The investment yielded more than $1 billion in value, marking Agility's second major strategic exit since 2021. The transaction is subject to regulatory approvals and is expected to close between March and the fourth quarter of fiscal year 2027.
